With rapid digitization and increased penetration of mobile technology, smartphones are being increasingly used for much more than simply making calls or sending text messages. Most banks have recognized the value of mobile banking and are quickly adopting advances in mobile technology to improve the accessibility and convenience of banking services for users.
Mobile banking has revolutionized banking, giving users easy access to a variety to features that enable them to transfer funds, make service requests, book flights or hotels, invest in various instruments, and much more from their phones. Unfortunately, online mobile banking comes with its own set of risks and most users are worried about the confidentiality and security of their personal and financial data. While security measures and encryption protocols used by banks address these concerns, problems can also arise in case of theft or loss of phones, cyber-attacks, viral infections, and so on.
Here are some tips to help protect your banking information from falling into the wrong hands:
- Lost or stolen phones–Despite all the precautions you might take, it is still possible to lose a phone or have it stolen. Protecting the phone with a unique password to prevent unauthorized access is advisable. Users must immediately intimate their banks and ensure that mobile banking services on the device are deactivated to prevent misuse.
- Malware or virus attacks–The information on your phone can be hacked through virus or malware attacks. Using effective anti-virus software can reduce the threat posed by online viruses and malware.
- Password protection – When you register for this service, as part of the mobile banking security protocol, you will receive a unique Mobile Personal Identification Number (MPIN). It is very important that you do not share this with anyone. Periodically changing your MPIN will also protect you from data theft and fraud.
- Privacy violation/security breach – Users must never share their MPIN, one-time password (OTP), date of birth, or bank and password related information through messages. While your banking app itself may be secure, your messaging and other apps could be hacked and banking data may then be compromised.
- Fake applications – With the growth of mobile banking in India there has also been a rise in the number of fake apps that closely resemble the actual applications from banks. These fake apps often steal your credentials and misuse the information. Individuals are advised to download apps from the official website or reliable vendors like Windows or Apple Store to prevent such fraud.
- Frauds – Sometimes, fraudsters posing as bank representatives may call to procure your confidential information, such as login, password, MPIN, and other details. Users must remain cautious and beware genuine representatives will never seek such information. If you receive such calls, it is recommended that you contact your bank to ensure no fraud is committed.
- Large transactions – Although banking through your mobile phone is convenient and efficient, it is recommended that you exercise caution when making larger transactions. Instead of using third party applications, make it a point to only use the official app hosted by your bank.
There are several instances of fraudulent activities including theft of phones or hacking. While banks have taken steps to improve security with advanced technology it is also important for consumers to be informed and cautious.
